Is a ‘free’ $700 bag a luxury?

Today’s Life 3.0 was inspired by this post (one of the most-read entries in OTE history).

I’m lusting after a $700 purse.

That’s right, a purse. As in a bag used to cart around a wallet, eyeglasses, lip gloss, pens and other assorted goods. And now, in a fabulous turn of events, I have a chance to get this bag for “free.”

The only problem: I’m a serious Frugal Frannie when it comes to shopping for myself, relying on Wal-Mart for everything from groceries to health and beauty, choosing diners over steakhouses and toting a coupon box wherever I go. I’ve never been a splurger, and I do not buy anything without considering the financial ramifications. I just can’t escape that mentality, even knowing I won’t actually have to pay cash this time around.

The bag in question is the Louis Vuitton Speedy 30 in ebony. It costs $690, which will make it well more than $700 with tax. That’s almost — almost — my mortgage payment.

33 Responses

If you haven’t used your points in 10 years, get the gosh-darned purse.

OTOH, if you could use your points for food bank or cancer charities, do that instead and laud yourself for not caving in to the incredibly shallow craving to own LV instead of a nice sturdy nylon North Face carryall.

As a former fashion splurger, I advise you to skip the bag and make an extra mortgage payment. I regret similar splurges in my 20s and early 30s. Ten years from now, you won’t spend any time thinking about the Speedy. But you’ll celebrate when you make the last mortgage payment.

I understand bags are a giant fashion statement. If you’re meeting all of your other financial goals, 401 k to retirement, repair fund is up to date, got enough savings to last 6 if anything happens, no credit card debt. Go for it. You are not going to make a huge difference on mortgage if you make a single extra payment. It would be a better idea to take your mortgage debt and divide it by the number of months left on the loan. It will be more than your normal payment, but it will take down your principal.
What I am trying to say is that it is November 1. Add purchasing this bag to your to do list of tasks/errands and otherwise. If in 60 days, that purse is still eating away at you, by all means then get it. If its not, then you did’nt lose anything. Besides, you got a tweet on the update pane saying you are looking at a washer dryer combo. Add that one to the list too and see which one wins.

Sean, reread that Tweet — I was admiring a child-sized toy washer and dryer. Laundry is my favorite household task, as an adult, so I was saying I would have loved to have a My First Kenmore (it’s pink!) as a kid.

I gave some valid tips here but I missed the part where you said you could use your points to get it for free. Pay the shipping and handling and get the bag. Its practically free. I can’t wait to see the blog entry when you actually buy this thing.

I’m with you on that one K. Cassidy, if KG keeps this 2-stepping up, I’m going to organize a fund-raiser for that purse. KG, get your butt off the fence already. Buy the purse! You know you want to. So be like Nike and Just do it! You only live once. Imagine how much sweeter your life would be with that purse in it. Hottness! 8)

BUY THE DAMN BAG!!!!!!!! Seriously. You only live once and while paying that extra mortgage payment might be the logical choice, it doesn’t hold a candle to a bag that is (I’m assuming) timeless and something that has been on your mind forever. Buy it!!!!!

Kristi, you said it yourself: “I’d be paying for the name, the brand, the status. And I’d be paying to be judged.” You don’t need an expensive purse to feel good about yourself. The kind of people who judge someone by expensive fashion accessories isn’t worth the powder necessary to blow them up.

I’m with momto1. I blew a lot of money on clothes from the time I was 20 until I was 35. Those clothes and shoes are all gone now, either out of style or worn out and thrown away. I have nothing to show for the money I spent. Mortgage payment is a great idea.

I tend to think in “worst case scenario” terms, being the crabby old lady that I am now. I would probably invest it in silver and gold (NOT jewelry) and keep it in a safe deposit box. The economy is going to be screwed up for years, the federal government will eventually go broke, leaving your purse only good for carrying things. But, your gold and silver will become more valuable by simply existing in your safe deposit box.

Kristi- I’m a 69 year old women who also was very frugal and wrestled with most big purchases- but since I’ve reached this age, I’ve come to say- it’s only money! and if I think about something long enough I buy it! Go for it and enjoy your bag. However- I think the bag is ugly- but you will be carrying it – not me. (I love your column) Sue

K. brings up a good point. If your parents, or sister normally spend a certain amount on you for the holidays, have them spend half (or whatever) and have them put the other half towards the bag. Then you can do something sensible with the rest of the points.

I’m all about being smart with your money. You’ve proven you’re responsible, so splurge in the most sensible way you can.

After this long period focusing on the bag, I think the idea of the bag has become better than that bag can ever be in reality. In other words, the chase is better than the catch and you couldn’t help but being somewhat disappointed with the actual bag.
I also think that the since the credit card points could be used for something else, they are just an excuse and if you wanted to spend 7 Benjamins on a purse than you would have already. So go ahead and cash in the points – but get something that is really you instead of something that you wish you were.

I can appreciate both sides of this… part of me says, get the bag. It’s something you’ve wanted for a long time and have accrued enough points to cover. It’s just money and you have clearly given the purchase a lot of thought.

The other part of me says.. it’s just a bag. IMO, a not particularly nice-looking or unique bag. You said it yourself – your friends have it and you’ve seen it on random people. Nothing unique there. I think you’re elevating this bag to way beyond what it is. No bag has the ability to take an outfit comprised of sweatpants and a t-shirt to couture levels. It’s like this bag has hypnotized you or something. It’s just a silly bag, an extremely overpriced bag at that. Personally I’d spend the money on something else.

I think maybe it would be a good idea to re-evaluate why you realistically want this bag. What’s so great about it, other than the little LV’s all over it signifying that you did, in fact, spend almost $1k on a purse? There are a lot of other pretty things you could spend your money on. But again… that part of me chimes in that says, if this is the only pretty thing you want, go for it. Just don’t buy any jewelry/accessories/white rain boots for 6 months or so. ;)

‘Kristi- I’m a 69 year old women who also was very frugal and wrestled with most big purchases- but since I’ve reached this age, I’ve come to say- it’s only money!’ – Exactly. I’m glad I realized at a young age that life is too short to second guess yourself and not do whatever makes you smile. Kristi, all these people saying you should skip it and save the money or use it for something else are the same people who are going to die 4 years before taking their dream vacation. Don’t put off ANYTHING that makes you happy.

Get the effin bag…then fill it with chocolate candy and gold baubles and go skipping around the neighborhood! ha ha ha If you see anyone giving you dirty looks, throw a whopper at their face!

Kristi – good call. The bags covered in the little LV’s are just so obnoxious, IMO. While I personally am not a fan of the speedy, or any LV bag for that matter (not my style), if that’s what you like, that’s what you like! BTW, do you think you’d like it if it wasn’t an LV bag?

The bag still costs $700, even if you get the $700 for free. That’s money that could be spent on something else, just like regular money that’s not free. Buy it if you want, but don’t rationalize it and think the bag is free.

Buy the bag and move on. Two years is far too long to obsess over something that trivial. When you’re still carrying your Speedy in five years and it is still as in-style and beautiful as the day you bought it, you’ll understand why everyone who has a Louis, does.

After you’ve gotten over the initial shock of spending $700 on a bag (although, if you’re going to Bloomie’s, try playing dress up with $2,000 Chloe shoes and $6,000 Chanel bags and THEN go get your Louis and you’ll feel a little less shocked), you’ll instead appreciate the quality, history, class, craftsmanship, durability and pure luxury that is inherent in Louis Vuitton.

P.S. If you do take my advice, I give you a year and you’ll have a second. ;)

I get why you’re talking about it again… I’m just thinking that this is something you ready want and not something you need. If you could do without some expenses for a while (like a Chirstmas Club) you would probably have enough money in your piggy bank right now.

You’re lucky you don’t have to spend this “piggy bank” because you have the points to spend… but if you saved the money anyway you’d know if the bag was what you’d like to spend it on because you had to sarcafice by saving. (as a bonus you’d have the $ in the bank.)

Let us know what you do… maybe you’ll find a better bag when you go to the store in the city?

Kristi, my wife and I blew 140,000 of those points this past May for airfare to attend a wedding in Antigua. Same rewards program. A week in Sandals with my wife and three other couples was well worth it. You only live once. Cash in the damn points and get your bag already.

Buy the bag!! I bought my first Louis in Las Vegas with my Let it Ride winnings 6 years agao. That one still looks like it is new. Since then I have bought 2 more. I used to buy a lot of cheap bags that looked horrible after a season. I don’t buy them anymore so I think I have saved money. I just rotate my three bags! SO BUY THE BAG ALREADY!!!!

Kristi, my wife and I blew 140,000 of those points this past May for airfare to attend a wedding in Antigua. Same rewards program. A week in Sandals with my wife and three other couples was well worth it.